Dubai gears up for Insurex 08

Dubai, March 31, 2008

Insurex 2008, the region’s premier independent insurance conference, will be held in Dubai from April 8 to 9.

Now in its fifth successful year, the two-day event will highlight key trends and drivers for change across the Middle East insurance markets, while exploring the way forward for the industry.

Insurex 2008 will focus on the fundamental needs of the industry from bridging the skills gap to promoting corporate governance and enterprise risk management, said the organisers.

The conference will discuss the various challenges the industry faces besides providing business opportunities, as well as a platform for debate and the sharing of best practice.

Held under the patronage of Sheikh Hamdan Bin Rashid Al Maktoum, deputy ruler of Dubai and UAE minister of finance and industry, the event's theme this year is titled: “Promoting Innovation and Seizing Growth Opportunities.”

Insurex 2008 will respond to calls from industry leaders and will host over 250 attendees from the across the region, the London market and beyond.

“The Arab insurance industry is competitive overall, but it suffers from the existence of a large number of modestly capitalized companies with limited retention capacity. This provides a strong platform for mergers and consolidation aiming at creating stronger and more competitive entities,” he observed.

Dr Bassel Hindawi, director general of the insurance commission of Jordan and chairman of the Arab Forum of Insurance Regulatory Commissions (AFIRC) will deliver the keynote address at Insurex 2008.

He will be joined by regulators from the Dubai International Financial Centre (DIFC) and the Qatar Financial Centre (QFC) to discuss the challenges in strengthening the legal frameworks in the region.

“The biggest challenge facing the industry is fragmentation, with many small and local players. We need to encourage innovation in specialized lines of insurance and, in the process, push for more consolidation,” Hindawi said.

The event will bring together experts from PricewaterhouseCoopers, Deloitte, Chedid Re and Clyde & Co to provide practical guidance to insurance companies on expanding their operations in the region with tips on how to cut through the red tape and refine their merger and acquisition strategies, the organisers said.

With the aim of capturing the pulse of the industry and providing a platform for innovation, the conference will also feature high-level panel discussions on the development of personal and commercial lines of insurance business in the region; including health, motor and life, they added.-TradeArabia News Service